Shoe Carnival Q4 GAAP Net Income Rises

Shoe Carnival, Inc. (SCVL) reported fourth quarter net income and EPS on a GAAP basis of $21.6 million and $0.79. For the fourth quarter of prior year, net income and EPS were at $20.6 million, and $0.72, respectively. Excluding the Shoe Station acquisition-related charges incurred in fourth quarter 2021, fourth quarter 2021 adjusted net income and adjusted EPS were $23.8 million and $0.83, respectively.

On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.80, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter net sales were $290.8 million, decreased 7.2%, compared to a stimulus-elevated fourth quarter 2021. Analysts on average had estimated $309.59 million in revenue.

For fiscal 2023, the company expects: EPS of $3.96 to $4.20; and net sales of $1.26 billion to $1.32 billion. Comparable store sales are projected to be in between a decline of 2% and growth of 2%. The annual guidance includes the expectation of a mid-single digit decline in net sales in first quarter 2023.

The Board of Directors approved an 11 percent increase to the quarterly cash
dividend to $0.10 per share from $0.09. The quarterly cash dividend will be paid on April 17, 2023 to shareholders of record as of the close of business on April 3, 2023.

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